Civics Chapter 18 Economy

Front

Governments role in economy is to ensure?

Back

Competition

Front

What do businesses utilize when making decisions among various projects?

Back

Benefit – cost analysis

Front

Simplified representation of the real world that economists developed to describe how the economy behaves and is expected to perform in the future.

Back

economic models

Front

What occurs whenever you don’t have enough resources to produce all of the things we would like to have?

Back

Scarcity

Front

The change in total revenue from producing one more unit of output

Back

Marginal revenue

Front

Not having enough resources to produce all of the things we would like to have.

Back

scarcity

Front

A nation's way of producing things its people want and need.

Back

Economic system

Front

What is a natural Natural Resource? Options: Coal, Wood, Water, All of these

Back

All of these

Front

He led Communistic socialism in Russia.

Back

Joseph Stalin

Front

The alternative you face if you decide to do one thing rather than another.

Back

Trade-off